CBT is expected to discuss on bank rate today, but no major policy change is expected from the Bank. If the Fed hikes rate in December, the CBT may adjust its deposit rate at the next meeting. A new economic management team is set to take over; hence, no rate change is likely.

"Our base-case is that the government will implement a pro-growth agenda, and that this will include lowering average interest rates in the economy. Of course, we cannot expect clear guidance on this until the new cabinet is in place. We see USD-TRY rising to around 3.00 during H1 2016", says Commerzbank in a research note.